Chairman Bachus: Jobs Are Top Concern as Committee Readies To Receive Treasury’s Report On International Financial System

Washington, Jun 8 -

The Financial Services Committee, chaired by Rep. Spencer Bachus, will receive testimony from Treasury Secretary Timothy Geithner on the state of the international financial system at a hearing on Wednesday, June 15 at 10 a.m. in room 2128 Rayburn.

Financial Services Committee Chairman Spencer Bachus said, “The Dodd-Frank Act has injected uncertainty into our financial system and potentially placed U.S. firms at a competitive disadvantage. As the Labor Department continues to report dismal job numbers, we must continue to evaluate the impact the hundreds of new rules mandated by Dodd-Frank will have on our economy. We must ensure the United States remains the premier destination for capital. And we must know what the Treasury and other financial regulators are doing to coordinate regulatory reforms in order to ensure American jobs aren’t lost to our competitors abroad.”

The Treasury Secretary is required to testify annually before the Committee on the state of the international financial system, including progress made in reforming international lending institutions, and the efforts to stop the international financing of terrorism. The hearing will also focus on international regulatory coordination and the G-20 agreements for financial reform. The G-20 has served as the global forum for countries to address and respond to the financial crisis.